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- H.R.577
H.R.577: To amend the Internal Revenue Code of 1986 to provide a tax credit for the production of oil and gas from existing marginal oil and gas wells and from new oil and gas wells.
About This Bill
- This bill was introduced in the 104th Congress
- This bill is primarily about taxation
- Introduced Jan. 19, 1995
- Latest Major Action Jan. 19, 1995
Bill Sponsor
Bill Cosponsors
3 (1 Democrat, 2 Republicans)
Bill Summary
Amends the Internal Revenue Code to allow a business tax credit for producing crude oil and natural gas from new wells and marginal wells. Provides: (1) a formula for reducing such credit in years in which oil and gas prices increase; and (2) an inflation adjustment for such formula. Allows such credit against the regular and minimum tax.
(Source: Library of Congress)
Bill Actions
| Date | Description |
|---|---|
|
Referred to the House Committee on Ways and Means.
|
|
| Jan. 19, 1995 |
Introduced in the House by James A. Hayes (R-La.) |